4 Reasons Why Attorneys Can Be Your Biggest Allies if You are Getting Your Loan Modified

If you have fallen behind on your mortgage payments, you might have heard about loan modification options that are available. These modifications can be offered by the mortgage company on their own, or through one of several government programs designed to help keep people in their homes when going through financial difficulties. Mortgage companies tend to try to work with you directly on these types of things, which on the surface may seem ...
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5 Tips on How to Get Your Mortgage Loan Modified

When facing a difficult financial situation, and you are finding it hard to make your monthly mortgage payments, you need to make sure you consider all your options. For many people, a mortgage loan modification is an excellent option that can help to avoid foreclosure, reduce monthly payments, and put you in a stronger financial position for the future. When seeking a mortgage modification, it is important to get it done correctly to avoid ...
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A Brief Introduction to the Truth in Lending Act

The Truth in Lending Act, or TILA, was first enacted by the Federal Government back in 1968. It was written to help provide protections to consumers when they are dealing with lenders and creditors. Unlike most other laws, the TILA was implemented through a series of regulations made by the Federal Reserve Board. The regulations apply to a wide range of different types of credit including loans, credit cards, lines of credit, and more. What ...
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Don’t Lose Your Home! Fannie Mae & Freddie Mac Introduce Flex Loan Modification Program

The Home Affordable Modification Program (HAMP) has helped thousands of people who were having trouble making their mortgage payments avoid foreclosure, and get back on track. This program, however, has recently come to a conclusion, leaving many people at risk of foreclosure, even if they just needed a little help getting back on track. As of March 1st, 2017, however, a new program has been rolled out by both Fannie Mae and Freddie Mac. The ...
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Refinancing With HARP Before Its Expiration

Many of Americans have what’s known as an “underwater” mortgage, which means they owe more on their mortgage than what their home is worth. If that’s the situation you’re in, the Home Affordable Refinance Program (HARP) can help. This program was created in March 2009 by the Federal Housing Finance Agency as a response to the collapse of the housing bubble and the subprime mortgage crisis that led to the Great Recession.   At the time, ...
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Financing Your Home: Understanding The Various Types of Mortgages

These days, it’s just about impossible for most people to afford a house without a mortgage. Of course, you can’t just walk into a bank and say “I’d like a mortgage, please” – there are a lot of different types of mortgages to choose from, each with their own set of pros and cons. Let’s take a look: Fixed Rate A fixed rate mortgage is just what it sounds like. The interest rate remains the same—fixed, that is—for the entirety of the ...
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Mortgage Math: How Your Debt-to-Income Ratio Affects Your Financing

Mortgage Math: How Your Debt-to-Income Ratio Affects Your Financing There are many factors a lender will consider when they are determining whether you qualify for a mortgage or not. They’ll look at your credit score, how stable your income is, and how often you pay your bills on time. Another key factor which you should be aware of is your debt-to-income (DTI) ratio. DTI Ratio Defined Your DTI ratio is how much of the gross total of ...
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Four Tips for a Successful Loan Modification

For homeowners that are facing financial trouble and worried about foreclosure, loan modification (like the HAMP program) may represent the way out. In a loan modification, the lender and the homeowner agree to new terms, providing the homeowner with lowered monthly payments. This typically benefits both parties and the homeowners is able to keep the home while the lender is able to avoid the foreclosure process. But the process isn’t easy. Here ...
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Can A Loan Modification Help Me?

If you’re in danger of losing your home to foreclosure, a loan modification may be your last hope of saving it. Can you get a loan modification? Loan modifications aren’t always easy to get, but they’re certainly possible. If you need a loan modification, the sooner you contact a lawyer to guide you through the process, the better. To qualify for a loan modification, you need to show that a financial hardship has affected your ability to make ...
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Busting the Myths: Five Short Sale Myths Exposed

Short sales aren’t simple, but with proper guidance they offer an alternative to foreclosure that provides significant benefits. There is a lot of misinformation out there regarding short sales, and today we are going to correct five of them. 1) Banks want to avoid short sales Short sales are generally a good deal for banks compared to foreclosures. A short sale is usually much less expensive for banks as well as being easier. Some banks ...
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